Satoshi Nakamoto…Heard of it?
It’s the pseudonym used by the person or group of people (nobody knows) who created the ingenious technology called blockchain. This technology, at its core, enables secure transmission of information that can be accessed but not copied. Digital currencies were the first applications of blockchain technology. Today, however, blockchain technology has touched more markets than anyone could have imagined. And, online casino gaming is among these. Blockchain powered casinos are already offering high value-added and enriching experiences to players across the globe. Plus, there are platforms that leverage blockchain and their proprietary technologies to help entrepreneurs build their blockchain powered casino businesses. Let’s tell you more about it all, right here in this guide.
The Origin of Online Gaming Fused With BlockChain Tech
Online casinos are a very competitive market. Margins for online casino operators are shrinking. Most online casinos have similar levels of house edge. They charge deposit and withdrawal fees too. Another issue with online casino gaming is that players have to wait for 2-3 days to get their money after a payout request. Then, there are concerns about data security, financial fraud, and lack of transparency in the operations of online casinos. BlockChain technology can address more than one of these issues.
Cryptocurrencies have been a boon for millions of casino gamers across the globe because they help these players immediately engage in online gambling without long waiting times for deposits. Plus, cryptocurrencies have lowered the barriers to entry for these players, allowing them to indulge in casino gaming using their Bitcoins (or any other alternative) instead of their fiat money. Because of the anonymity of cryptocurrencies, these gamers are secure from anti-casino gaming regulations and restrictions of their geographies.
On 18 April 2012, an online casino called SatoshiDice processed the first Bitcoin-based bet on its platform, setting a new milestone in the only casino market’s growth journey. Today, users can use cryptocurrencies on dozens of online casinos, enjoying super quick payouts and super secure transactions.
Ethereum and Online Casinos
In 2013, Vitalik Buterin came up with the idea of Ethereum, public, open source, and blockchain based distributed computing platform, with smart contracts technology. Intelligent contracts work by storing an application’s state information in the blockchain. This enables the facilitation, verification, and enforcement of agreements. Ethereum based smart agreements can be implemented in many Turing complete scripting languages. Because contracts can be public on the Ethereum system, there are tremendous opportunities for good casinos to leverage the platform.
Edgeless Casino is an excellent example of a blockchain casino running on the Ethereum platform. All the critical operations of the casino are governed by smart contracts, which means that users can enjoy peace of mind like never before, because games in such an online casino will always play out the way they were involved to, with no chances of manipulations. Should online casinos choose to, smart contracts could become a ubiquitous technology implemented in all of them, to deliver highly secure and transparent gaming experiences to users. VSlice is another superb system where token holders can get automatic benefits in the form of dividends, from the profits amassed by the platform.
The Leading Players From the World of BlockChain Based Online Casinos
Tokenmarket.net is where all the buzz is, from the world of blockchain casino initial coin offerings (ICO). The website maintains a list of all new blockchain casino ICOs. Riding on the success of Bitcoin, quite a few ICOs have emerged in various sectors. Among these, casino ICOs are getting the most traction. Founded by Jez San, ex-founder of PKR, Funfair.io is one of the buzz makers in the space, having raised over $26 million in a few hours releasing 17 million tokens.
This decentralized gaming platform promises to bring blockchain powered casinos to consumers leveraging its Ethereum smart contract technology. Funfair promises better payouts as compared to other blockchain casinos because it can help anyone manage an online casino business at low operating costs, along with other benefits such as transparent code and instant gaming.
Apart from Funfair.io, there are other blockchain powered startups, such as True Flip. This platform describes itself as an international, anonymous blockchain based lottery with an immediate payout, transparency in prize fund, and open source code. Wager is another news-maker; it positions itself as a blockchain powered wagering platform that’s virtually free from the control of any regulatory bodies.
BlockChain has already transformed the idea of currency, with Bitcoin setting records of high valuation and breaking them itself, multiple times in 2017. Similarly, the technology is also transforming and empowering online casinos, enabling them to deliver transparent, secure, and reliable services.